Govt ordered inquiry in 87 real estate companies

The Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities during the year 2017-18 and till June 2018, P.P. Chaudhary, Minister of Corporate Affairs said Lok Sabha today.

The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates the requirement of statutory audit and an internal audit by the companies.